Property Sellers Guide from JW Wood

If you have a property to sell your first step is to get it on the market. Your County Durham property will need to be valued, which can be arranged here.

Selecting an Estate Agent

When choosing an Estate Agent, you need to ask the following questions:

Do they conduct valuations in your area?

Do they appear to be a professional organisation?

Do they have a database of registered buyers looking to move immediately?

Do they have a successful website that will attract potential purchasers?

Do they advertise in local newspapers?

Do they advertise on other property websites?

Presenting your property

First impressions count! You need to make sure that both the inside and outside of your house are looking as good as they can be. Before putting your property on the market get rid of clutter, clean carpets and give your home a spring clean.

Take into account when your agent will be taking photographs of your property so that you can present it at its very best. It’s important to remember that these photographs will be the public’s first glimpse of your property and will likely determine whether or not that want to see more.

Marketing your property

You need to give your property maximum exposure across a wide range of media. To achieve this, JW Wood offer the following services:

Full colour property details

For Sale board

A successful website that showcases your property

Property placement in local press

Email alerts and mailing lists for potential buyers

Floor plans

Property Videoettes

Successful viewings

Viewings can be stressful at times but a friendly and warm welcome can leave a lasting impression. JW Wood offer accompanied viewings which allows us to conduct viewings both at short notice or when you are out.

Receiving an offer

Once an offer has been received by your estate agent you will be advised by telephone in addition to receiving confirmation in writing. JW Wood will check the buyer’s ability to proceed and confirm their position before you decide whether or not to accept the office.

The decision to accept an offer is completely yours, you do not need to feel pressured and have every right to negotiate if the offer does match your financial requirements.

Once an offer has been agreed (conveyancing)

JW Wood has a vast experience in negotiating a sales successfully through to completion. Once an offer has been accepted JW Wood will:

Prepare a memorandum of sale, write to all parties to confirm the agreed price and ask you to confirm your solicitors details for the conveyancing process. If you don’t already have a solicitor please ask your local branch for recommendations.

Countdown to moving

Complete a fixture and fittings form, property information form and leasehold property information form; return them with any building work guarantees you have or Planning Permission or Building Consent you’ve been granted.

Your conveyancer will obtain title deeds, land registry office copies and any leasehold documents if applicable. They will also prepare the draft contract and send it to the purchasers in the contract pack.

Your purchasers solicitor may raise queries with regards to the contract pack and your solicitor will answer these and also chase or confirm that your buyer’s mortgage application has been approved.

Your solicitor will confirm with your lender a settlement figure for your current mortgage broker

Once both parties are happy a completion date will be set and this will be written into the contract. Your solicitor will then send you a copy of the contract and transfer deed which you must check, sign and return.

Once this has been returned, exchange will commence.

JW Wood Estate Agents will assist your solicitor and negotiate on your behalf throughout the process, keeping you informed every step of the way.

There are no legal obligations until contracts are signed.

Exchange of contracts

Exchange of contracts can occur when the following have been confirmed and agreed:

Preliminary enquiries following receipt of the draft contract

Evidence of a good title

Specific issues highlighted in the lease, if applicable

Local search queries

Fixtures and fittings to be including in the sale

The buyers mortgage offer, if applicable

Once the contract has been signed by both parties the following will occur:

The deposit (usually 10% of the purchase price) will be telegraphically transferred or paid in the form of a bankers draft by the buyer’s solicitor to your solicitor, who will then hold the deposit until completion of the sale.

Upon exchange of contract, the buyer is legally bound to purchase your property.

Prior to the completion date you should check through the completion statements with your solicitor, which detail all costs involved, and authorise them to settle any necessary payments.

Completion is when the residual monies (usually 90%) are transferred from the buyer’s solicitor to your solicitors account.

Your solicitor will call you when the money had cleared in your account and will inform the estate agent to release keys.

Legal and Financial

EPC (energy performance certificate)

An EPC assesses the energy performance of a property from A-G. An EPC must be commissioned before marketing a property for sale can commence. Check if your estate agent can arrange the EPC on your behalf, at a competitive rate, as this will relieve you from the responsibility.

Buyers Solictor

Checks all documentation, raises any initial enquiries, and then applies for the local authority search and any other necessary searches.

Obtains the buyer’s funds for the purchase of the property and on completion transfers the monies to you.

Registers the buyer as the new owner of the property with the Land Registry.

Commission Fees

An estate agents commission fee is calculated either as a percentage of the sale price achieved +VAT at the prevailing rate or as a fixed fee. If you have decided to instruct your estate agent on a multiple agency basis and they go on to sell your property, be prepared to pay a larger rate of commission.

Legal Fees

Legal fees vary so it is worth shopping around before deciding which solicitor to choose. Your estate agent should be able to recommend a number of reputable solicitors. Remember a solicitor with experience in property conveyancing and a thorough understanding of property in the area will be hugely beneficial.